Arrow Electronics Prices $500 Million Notes Offering
June 01 2017 - 4:37PM
Business Wire
Arrow Electronics, Inc. (NYSE:ARW) announced today the pricing
of one series of the company’s senior unsecured notes in an
aggregate principal amount of $500 million maturing on January 12,
2028 and bearing interest at an annual rate of 3.875% (the
“Notes”). The offering is expected to close on June 12, 2017. Net
proceeds from this offering are expected to be used to: (i)
repurchase a portion of the company’s outstanding 3.00% notes due
2018, 6.00% notes due 2020, 5.125% notes due 2021 and 7.50% senior
debentures due 2027, pursuant to a tender offer and (ii) redeem all
of the company’s outstanding 6.875% senior debentures due 2018,
pursuant to a redemption. Pending the application of the net
proceeds, the company may invest the net proceeds in short-term
interest-bearing accounts, securities or similar investments. The
company may apply the remaining net proceeds for general corporate
purposes, which may include acquisitions or the repayment of other
indebtedness, including the repurchase or redemption of any
existing notes not tendered in the tender offer.
The Notes are being offered under an automatic shelf
registration statement previously filed with the Securities and
Exchange Commission, and which became effective upon filing. The
offering is being led by Goldman Sachs & Co. LLC, J.P. Morgan
Securities LLC and Mizuho Securities USA LLC.
This press release is neither an offer to sell nor the
solicitation of an offer to buy the Notes. In addition, there shall
be no sale of these securities in any jurisdiction in which the
offer, solicitation, or sale would be unlawful.
Information Relating to Forward-Looking
Statements
This press release includes forward-looking statements that are
subject to numerous assumptions, risks, and uncertainties, which
could cause actual results or facts to differ materially from such
statements for a variety of reasons, including, but not limited to:
industry conditions, the company's implementation of its new
enterprise resource planning system, changes in product supply,
pricing and customer demand, competition, other vagaries in the
global components and global enterprise computing solutions
markets, changes in relationships with key suppliers, increased
profit margin pressure, the effects of additional actions taken to
become more efficient or lower costs, risks related to the
integration of acquired businesses, changes in legal and regulatory
matters, and the company’s ability to generate additional cash
flow. Forward-looking statements are those statements which are not
statements of historical fact. These forward-looking statements can
be identified by forward-looking words such as "expects,"
"anticipates," "intends," "plans," "may," "will," "believes,"
"seeks," "estimates," and similar expressions. Shareholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. The company undertakes no obligation to update
publicly or revise any of the forward-looking statements.
For a further discussion of factors to consider in connection
with these forward-looking statements, investors should refer to
Item 1A Risk Factors of the company’s Annual Report on Form 10-K
for the year ended December 31, 2016.
About Arrow Electronics
Arrow Electronics is a global provider of products, services and
solutions to industrial and commercial users of electronic
components and enterprise computing solutions. Arrow serves as a
supply channel partner for more than 125,000 original equipment
manufacturers, contract manufacturers and commercial customers
through a global network of more than 465 locations serving over 90
countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20170601006620/en/
Arrow Electronics, Inc.Steven O’Brien, 303-824-4544Vice
President, Investor RelationsorMedia Contact:John Hourigan,
303-824-4586Vice President, Global Communications
Arrow Electronics (NYSE:ARW)
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